Published on 4/2/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $285,000 Raymond James Healthcare Top Selections notes on 16 stocks
By Marisa Wong
Morgantown, W.Va., April 2 – Canadian Imperial Bank of Commerce priced $285,000 of 0% notes linked to Raymond James Healthcare Top Selections due Sept. 26, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are linked to a basket of 16 common equity securities of entities in the healthcare industry selected by Raymond James & Associates, Inc. The reference shares are Incyte Corp., Vertex Pharmaceuticals Inc., Sage Therapeutics, Inc., Spark Therapeutics, Inc., DaVita Inc., CVS Health Corp., UnitedHealth Group Inc., Becton, Dickinson and Co., Hill-Rom Holdings, Inc., Baxter International Inc., ICU Medical, Inc., Abbott Laboratories, Boston Scientific Corp., Laboratory Corp. of America Holdings, HMS Holdings Corp. and Mylan NV. Each reference stock has a 6.25% weight.
The payout at maturity will be par of $1,000 times 97.35% times the basket level percentage. The basket level percentage is the sum of the weighted reference share performances, which includes dividends paid on the reference shares over the term of the notes. Because of the 97.35% participation rate, investors will receive less than par if the basket does not gain by at least 2.73%.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Notes linked to Raymond James Healthcare Top Selections
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| Underlying basket: | Incyte Corp. (Symbol: INCY), Vertex Pharmaceuticals Inc. (Symbol: VRTX), Sage Therapeutics, Inc. (Symbol: SAGE), Spark Therapeutics, Inc. (Symbol: ONCE), DaVita Inc. (Symbol: DVA), CVS Health Corp. (Symbol: CVS), UnitedHealth Group Inc. (Symbol: UNH), Becton, Dickinson and Co. (Symbol: BDX), Hill-Rom Holdings, Inc. (Symbol: HRC), Baxter International Inc. (Symbol: BAX), ICU Medical, Inc. (Symbol: ICUI), Abbott Laboratories (Symbol: ABT), Boston Scientific Corp. (Symbol: BSX), Laboratory Corp. of America Holdings (Symbol: LH), HMS Holdings Corp. (Symbol: HMSY) and Mylan NV (Symbol: MYL); each with 6.25% weight
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| Amount: | $285,000
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| Maturity: | Sept. 26, 2019
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| Coupon: | 0%
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| Price: | Par of $1,000
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| Payout at maturity: | Par times 97.35% times the basket level percentage (sum of the weighted reference share performances)
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| Initial price: | $83.06 for Incyte, $160.93 for Vertex, $156.23 for Sage, $63.09 for Spark, $65.00 for DaVita, $60.86 for CVS, $212.55 for UnitedHealth, $210.60 for Becton, $84.17 for Hill-Rom, $64.29 for Baxter, $247.35 for ICU, $59.50 for Abbott, $26.30 for Boston, $162.49 for LabCorp, $16.74 for HMS, $38.87 for Mylan
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| Final price: | For each stock, sum of closing share price on Sept. 23, 2019 and dividend amount equal to 100% of gross cash distributions for that stock
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| Pricing date: | March 23
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| Settlement date: | March 29
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1.5%
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| Cusip: | 136069YJ4
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